Global Energy Industry News

21 Dec Realities and consequences of falling crude market

Posted at 16:46h in Global Energy Industry News

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By hellenicshippingnews A sense of accomplishment is palpably visible at the Department of Energy (DoE) in Washington. Faced with a free fall, oil markets are in a bloodbath. Prices have plunged by 68 per cent over the last 18 months hitting a seven-year low at...

16 Dec U.S. on verge of lifting 40-yr oil export ban in spending bill

Posted at 15:24h in Global Energy Industry News

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WASHINGTON, Dec 16 (Reuters) - The United States appears on the brink of ending a four-decade-old ban on most exports of crude oil, an abrupt end to a years-long fight triggered by the domestic shale boom. Read full story › Source:: Reuters UK Natural Resources ...

16 Dec Oil falls on U.S. supply build, expected Fed rate hike

Posted at 15:23h in Global Energy Industry News

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By hellenicshippingnews Oil fell on Wednesday on fresh evidence of growing global oversupply and as investors awaited the outcome of a U.S. Federal Reserve meeting where interest rates are likely to be raised, boosting the dollar and pressuring commodities. Brent LCOc1 was down 85 cents...

14 Dec Why is OPEC refusing to cut oil production?

Posted at 14:57h in Global Energy Industry News

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By hellenicshippingnews Despite plummeting oil prices and a glut in global supplies, members of the Organization of the Petroleum Exporting Countries (OPEC), have decided to increase oil production levels amid growing disagreement among members over the strategy. OPEC, which provides one-third of global oil, recently...